President Donald Trump said on Friday that he would impose a 10 percent global tariff for 150 days, turning to a different statutory authority after the Supreme Court struck down some of his earlier emergency duties. Trump said the order would be issued underSection 122 of the Trade Actof 1974 and that the new duties would be in addition to tariffs already in place.
The 10 percent tariff would take effect in about three days. The statute allows a president to impose duties of up to 15 percent for up to 150 days on any and all countries to address "large and serious" balance-of-payments issues. It does not require investigations or impose other procedural limits.
Earlier, the Supreme Court declared illegal Trump's broad global tariffs imposed under the International Emergency Economic Powers Act, ruling that he had overstepped his authority under that law.
"We have alternatives, great alternatives," Trump said. "Could be more money. We'll take in more money and we'll be a lot stronger for it," he added, referring to the alternative tools. The President said his administration was also initiating several investigations under Section 301, the unfair trade practices statute, "to protect our country from unfair trading practices of other countries and companies."
Trump's move to rely on other statutes, including Section 122, while launching new Section 301 investigations had been widely anticipated. But the 10 percent tariffs he announced can remain in effect for only 150 days, and Section 301 investigations generally take months to complete.
Trump said the five-month window would allow his administration to complete investigations that could enhance tariffs. Asked whether rates might ultimately be higher after additional Section 232 national security investigations and Section 301 probes, he replied: "Potentially higher. It depends. Whatever we want them to be."
He said some countries "that have treated us really badly for years" could face higher tariffs, while for others "it's going to be very reasonable for them."
A trader listens to President Donald Trump's address on the Supreme Court ruling on tariffs, at the New York Stock Exchange on Friday. (Photo: AP)
US Trade Representative Jamieson Greer said details on new Section 301 investigations would be released in the coming days, describing them as "incredibly legally durable." Trump used the same statute during his first term to impose broad tariffs on Chinese imports.
The Supreme Court's ruling places roughly $175 billion in tariff revenue collected over the past year at issue for potential refunds, according to estimates provided to Reuters by economists at the Penn-Wharton Budget Model.
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